Legacy approved to
buy Bank of Gravett
Legacy Bancshares Inc. received regulatory approval on Friday for its purchase of Gravett Bancshares of Gravette, the Springdale bank said Monday.
Bank of Gravett and Legacy National Bank of Springdale will continue to operate separately. Rick Pollreis will remain at Bank of Gravett as executive vice president and city executive of Gravette.
The combined bank will have $572 million in assets.
At this time, there are no plans to make changes to customer accounts. Customers do not have to do anything as a result of the transaction. Customers with questions should contact their local branch.
"With the addition of Bank of Gravett, we are stronger both in terms of size and presence in Benton County," said Patrick Swope, chief executive officer of Legacy National Bank.
The two banks have eight offices in Northwest Arkansas with a ninth to open this summer in Bentonville.
-- David Smith
Investor group buys
Citizens Bank Building
A group of investors has purchased the Citizens Bank Building in Rogers for $10.4 million, according to a Monday news release.
The 45,000-square-foot, three-story building at 3350 Pinnacle Hills Parkway is zoned for commercial space. The building is 100 percent occupied. Its new owner, 3350 PHP, LLC is a tenant in a common owned group led by Andy Burnett.
Representatives of commercial real estate firm Sage Partners represented both the buyer and the seller. Sage Partners will also manage the building and act as the leasing agent. Citizens Bank financed the deal. The purchase date was June 20, according to county records.
-- John Magsam
Banking stocks lift
state index up 5.71
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, rose 5.71 to 450.83 Monday.
"Bank stocks led global stocks to a two-week high on Monday, ahead of earnings reports from the biggest U.S. lenders later in the week," said Chris Harkins, managing director with Raymond James & Associates in Little Rock.
All three of Arkansas' public company banks rose more than 1.8 percent. Bank of the Ozarks releases second-quarter earnings on Wednesday.
PAM Transportation shares rose 3.8 percent.
Total volume for the index was 19.8 million shares.
The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business on 07/10/2018